SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 17054 / June 26, 2001

The Securities and Exchange Commission announced today the settlement of claims against both defendants in this action, filed in the U.S. District Court for the Eastern District of New York on November 23, 1999. The two defendants are:

The Commission's Complaint alleged that Wilson, acting through World Financial, raised approximately $1.2 million from hundreds of investors in the United States and Carribbean from March 1997 through April 1998. The money was invested in a so-called "60-40 program" promoted by Credit Bank International Co. ("Credit Bank"), which was purportedly chartered in the "Dominion of Melchizedek." The Dominion of Melchizidek has a website promoting itself as a sovereign entity, recognized by certain governments. The Complaint alleged that Wilson solicited U.S. investors by falsely promising returns of over 300% and channeled funds to bank accounts controlled by the supposed "ambassador at large" from the Dominion of Melchizidek.

Without admitting or denying the allegations of the Complaint, Wilson and World Financial consented to final judgments that impose permanent injunctions and other equitable relief against them. The final judgments permanently enjoin Wilson and World Financial from committing future violations of Sections 5(a), 5(c), 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 thereunder. The final judgments further require Wilson and World Financial to disgorge gains and interest totaling $175,000 and pay civil penalties, but waive payment of such monies based on Wilson's and World Financial's demonstrated inability to pay. Wilson also consented to a Commission order barring him from associating with any investment advisor.